Irish SMEs were significantly impacted by email scams last year, losing almost €10 million, according to FraudSmart from the Banking & Payments Federation Ireland (BPFI). There was a 25% jump in these scams, with the average company losing around €12,000. Most of these scams were invoice redirection, where scammers pretended to be known suppliers and asked businesses to update bank details. The businesses only realised they’d been duped when the real suppliers sent payment reminders.
To tackle this, FraudSmart has teamed up with the Irish SME Association (ISME) to push small businesses to double-check any email asking for bank detail changes by giving the supplier a quick call. They’re also advising companies to beef up their security, train their staff on spotting scams, and report any suspicious activity to their bank and the gardaí right away. SMEs are crucial to the Irish economy, so it’s vital they stay alert and protect themselves against these fraudsters.
Find out how you can protect your business – Link
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